The Asheville citizen. [volume] (Asheville, N.C.) 1885-1889, 1887-06-16
BUT LATER INFORMATION
SHOWS DARKER FEATURES.
The Jubilee Yacht Race
A DYNAMITE PLOT TO DIS
TURB THE QUEENS JUBILEE.
.l.stss - ~. VT VI 2 they chieoec Wheat
SpeculatOrs-A Panic Threatened,
Rpt Win Pass off.
tBy te,eprsph to The AsheYille citizen. }

(By telegraph to the AkheHille Cltizen.t
CHICAG }, June 15.-There were
many anxious commission men in
the vicinity of the Board of Trade
last night. Their offices were lighted
and they and their clerks worked at
their books until long after mid
night. The sight presented in the
neighborhood was unusual as every
office building was lighted from top
to bottom. Even casual observer
would have suspected something
wrong. There was no trouble in
finding commission men who had
been caught in the great break of
few hours before, and less trouble
in prevailing upon them to talk.
The universal opinion was that
everything hinged upon Kershaw's
ability to meet the demands for
margins, and that unless he did 50,
his failure would carry down from
thirty to fifty houses. There were
some few who thought that Armour
& Hutchinson and two or three OF
the other "big ones" would come
forward this morning and help to
sustain the market so that q verita,
BILE panic could be averted; but even
they claimed that great deal de-
pended on Mr.. Kershaw. What
fortunes were lost and won during
the day none can accurately esti-
mate. 1t is estimated that not less
than 100,000,000 bushels were trad>
ed in during the day, representing
an average loss or gain of seven to
eight cents per bushel or 81 100000
to S8,000,000. There was q loss of
over 81, 100000 in cash in wheat
alone, besides the shrinkage on
futures. One bear who sold largely
in the early part of the day and
bought at The close is credited with
clearing $250,000 on the days oper>
alton. A crowd of big bear scalpers
made not less than 81 100000 altos
gether during the day. President
Wright of the Board Of Trade said
to a reporter: "The effect of the break
will be to clear atmosphere 80 com-
merce can 60 on. in its accustomed
grooves. The tendency is to equal
lie this with the other markets of
the world and put stocks in their
legitimate channels. The actual
result of course, is rather serious
one, but l hope, in fact, l have no
reason to apprehend anything fur
ther." A prominent broker said:
THE market is now back IN its nor
mall condition and not subject to
abnormal influence. I don't think
we will have any more cliques for
while. One has bitten off more than
it could chew, and the lesson won't
be forgotten soon. AS matter Of
course, it is serious case. but it
will soon be all right again. The
deal was undoubtedly the largest
one ever run in Chicago. There
was more wheat bought than ever
Letore. l do not apprehend any
serious break from the present
prices, as the market is now down
to level with other markets" P. D,
Armour, when asked what the ef-
feet of the financial affairs, said
"None whatever. In a week from
now no one will know there
was a wheat IDEAL or q coffee
one either. The atmosphere will
be closed up in less than a week
from row. All losses were made
some time ago. Wheat was mars
gined mp TO nearly its value, if not
quiet, and the banks were all amply
secured. | don't look upon this
break as any great calamity at all
Whatever wheat there is, is wanted
for export, and it will bring as good
prices if not better than before. The
break in wheat at 75 cents pei
bushel is better than gold dollars al
80 cents. You see, people abroad
want the stuff and they are going tc
have it. 1t is a good thing thi'
break came when it did. Most every
body expected it, and as soon as tht
furry is over l believe that it will
make money easier"